Reserve Bank is expected to raise interest rates to an 18-year high on Tuesday, the fifth hike this year
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How would your mortgage change?
For someone with an average-sized new mortgage of $731,000, paying a typical rate of 6.2%, a 0.25 percentage point rate increase would add about $119 to their $4,596 monthly repayments.
I know they’ve got a just difficult decision to make. I accept that, but we’ve got to be careful that in their efforts to slow down the economy, they don’t stop it dead.
This is an extra hit to a pay packet that many people haven’t budgeted for, are not ready for. It’s going to have a massive impact on our economy.
The post RBA interest rates live: Reserve Bank of Australia meeting today before cash rate decision and announcement – latest news appeared first on World news | The Guardian.
